NFES Report for Three Quarters of Year

In January-September, the National Fund for Entrepreneurship Support (NFES) through banks and other credit institutions issued preferential loans to local businessmen in the amount of 237 271 900 manat for the implementation of 4,021 business projects.

By official data published in the report on the activities of the Fund, it is 3.2% lower than on October 1 of the previous year (245.198 million manat). Given the growth in the number of projects, it can be concluded on reducing the volume of a single credit.

In the reported period in the production and processing of industrial products there were funded 148 projects worth 38.656 million manat, in the processing of agricultural products there were 8 projects worth 18.191 million manat, in the production of AIC - 135 837 900 manat (4,049 projects), and in the infrastructure services sector - 44,587,500 manat (13 projects).

According to the Fund, for the 9 months of the year there were issued 51 extra large loans (1 million or more AZN) in the amount of 182 520 500 manat, 35 secondary credits (up to 1 million AZN) totaling 5.638 million manat, and 4,132 small loans totaling 49,113,400 manat.

NFES was established in 1992. The Fund’s agents in lending are 46 bank and non-bank credit organizations. A feature of this entity is the lack of control of financial resources. Its partner banks distribute funds allocated to entrepreneurs often not at the right target, thus plundering them. Prosecutor General only this year opened 3 large proceedings related to theft of funds.

In 2013, the Fund issued preferential loans totaling 275 million manat. In 2014 the Fund plans lending of 280 million manat. --17D-